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Definition:
A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnership Act).Membership:There may be a minimum of two and a maximum of twenty members in a partnership. In the U.K however, the Partnership Act 1934 CAP 29 provides that the maximum number of partners in a firm that offers personal/professional services may be up to 50 if each partner is professionally qualified, e.g. Accountants, Lawyers, architects doctors, surgeons etc.Types of Partners:
Partners may be classified into the following categories:a) Active or dormant;b) Limited or Unlimited;c) Adult or Minor;d) Real or Quasi.
Need: a. Prepare an Income Statement by with appropriation account for the financial year ended 31.12.2010 b. Prepare the partners' present a
Q. Problems and difficulties associated with forecasting? We have relied to a great degree on the forecasting of data in order to provide an evaluation of the proposal. Not the
Q. Calculate infant mortality rate? Mid year population 440000 Late fatal death 29 No. of live birth 5200 No. of infant death 423 No. of mate
Illustration: Dinesh Limited is looking selective control for its inventories. By using the subsequent datas, prepare the ABC plan. Items A B
Registration of a D of A and assent of creditors A D of A will be void unless it is registered with the Registrar within 7 clear days after first execution and is properly stam
April 2014 Notepayable $9,825,000 was issued. First due is April 1,2015. 6% interest erroneously expensed a full year''s interest
Limited Liability Company (LLC) - Form of doing business combining limited liability for all owners (known as members) with taxation as a PARTNERSHIP. An LLC is formed by filing AR
all types of assets
How does ordinary shares and preference shares included in the account
Illustration: Holding company with direct share holding Rain Ltd., Storm Ltd. and Thunder Ltd. are in the business of manufacturing tents. Their balance sheets as at 30 September
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